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Travel companies blew earnings out of the water this quarter. Booking Holdings took it a step further.

Booking is the only major travel platform outperforming the S&P 500 since Airbnb’s December 2020 IPO.

2/21/25 3:14PM

This month Wall Street was blown away by the results of online travel platforms, bolstered by what appears to have been a busy holiday travel season.

Booking Holdings, Expedia, Airbnb, and Tripadvisor all reported earnings that surpassed what analysts polled by FactSet were expecting. With the exception of TripAdvisor, each of their stock prices have outperformed the S&P 500 in the past month.

Here are some takeaways from this earnings season.

Booking Holdings keeps its throne

Booking Holdings — which owns Booking.com, OpenTable, and Kayak — has far outpaced its peers.

The company was an early entrant and pioneered the “agency model,” where it connects customers with merchants and then collects commission from the hotel or airline that ultimately got the customer’s money. It is now increasingly moving to a “merchant model,” long used by competitor Expedia, which involves buying accommodations at wholesale and flipping it to the traveler.

Booking’s sales dwarf its competitors: it brought in $23.7 billion in revenue in 2024, compared to $13.6 billion from Expedia and $11.1 billion from Airbnb. Booking is the only major travel platform to outperform the S&P 500 since Airbnb’s December 2020 IPO.

Money to be made in experiences

While Booking and Expedia may focus more on finding flights, hotels, and rental cars, there’s growing demand from travelers for excursions. And there’s money to be made by connecting a family in Ohio with a scuba instructor in the Bahamas.

TripAdvisor has generally performed worse than its peers, but its biggest growth has come from The Viator, its platform for tours and activities. “The experiences category is increasingly becoming the strategic and financial center of gravity of the Group, as we continue to position our unique assets to extend our leadership in this large and fast-growing market,” Matt Goldberg, CEO of Tripadvisor, told analysts on February 20.

Airbnb is relaunching its “Experiences” services in May 2025. Airbnb CEO Brian Chesky admitted that the company’s first attempt at Experiences was not successful, in part because it did not promote it as aggressively at it should have.

“For the first time around, I don’t think we integrated Experiences really well into the product,” Chesky told analysts on February 13.

Everybody is talking about AI

At this point it’s hard to find a company that doesn’t mention AI in their earnings calls. But if you’re interested in how CEOs see generative AI integrating into their platforms, here you go:

“Generative AI is pushing the pace of technology innovation faster than ever. We are well positioned to deploy this technology to further benefit our travelers and partners... We believe that compelling AI-powered offerings like a travel vertical-specific agent will play a central role in delivering even more seamless and personalized Connected Trip experiences.” — Glenn Fogel, CEO of Booking Holdings

“We are exploring the many ways AI will unlock even more value in our products, particularly across the discovery, shopping, and post-booking journey.” — Ariane Gorin, CEO of Expedia Group

“Over the coming years, we’re going to take that AI-powered customer service agent and bring it into Airbnb search to eventually graduate to be a travel and living concierge.” — Brian Chesky, CEO of Airbnb

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OpenAI’s ARR reached over $20 billion in 2025, CFO says

Sam Altman’s $500 billion artificial intelligence behemoth hit a major financial milestone last year, according to a new blog post over the weekend from OpenAI CFO Sarah Friar, as the company confirmed it had hit a more than $20 billion annual revenue run rate at the end of 2025.

Elsewhere in the blog post, Friar spent time addressing the company’s shifting goals, referencing plans to “close the distance between where intelligence is advancing and how individuals, companies, and countries actually adopt and use it.” As has become customary in the AI company press release genre, the CFO was also keen to tout the unending growth of the business, writing:

“Both our Weekly Active User (WAU) and Daily Active User (DAU) figures continue to produce all-time highs. This growth is driven by a flywheel across compute, frontier research, products, and monetization.”
“Compute grew 3X year over year or 9.5X from 2023 to 2025: 0.2 GW in 2023, 0.6 GW in 2024, and ~1.9 GW in 2025.”

And, perhaps most importantly for current backers and those keeping an eye on the private company before its rumored mega IPO:

“Revenue followed the same curve growing 3X year over year, or 10X from 2023 to 2025: $2B ARR in 2023, $6B in 2024, and $20B+ in 2025. This is never-before-seen growth at such scale.”

That latest figure has certainly set tongues in the tech world wagging, just as the company announced it would begin rolling out ads to free and ChatGPT Go users. It also puts the chatbot giant a fair way ahead of competitors like Anthropic, the company behind Claude.

OpenAI Anthropic ARR race — Sherwood News

A business that scales with the value of intelligence

“Both our Weekly Active User (WAU) and Daily Active User (DAU) figures continue to produce all-time highs. This growth is driven by a flywheel across compute, frontier research, products, and monetization.”
“Compute grew 3X year over year or 9.5X from 2023 to 2025: 0.2 GW in 2023, 0.6 GW in 2024, and ~1.9 GW in 2025.”